A market is classified as an oligopoly when
A) a few firms compete.
B) many firms produce a slightly differentiated product.
C) no matter how many firms are in the market, a barrier blocks entry by other new firms.
D) many firms produce the same product.
E) only one firm sells a product with no close substitutes.
A
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The economy's self-correcting mechanism always tends to push the unemployment rate back toward a specific rate of unemployment called
a. the ideal rate of unemployment. b. the natural rate of unemployment. c. the full rate of unemployment. d. the mature rate of unemployment.
When the representatives of the OPEC countries met in March 1999 and decided to reduce the amount of oil each country would produce, the result was
A. the world demand for oil fell. B. the world supply of oil fell. C. the price of oil fell. D. All of the choices were results of this meeting.
A multinational organization that aims to promote world economic growth through more financial stability is
A. the Impossible Mission Force. B. the World Monetary Fund. C. the International Bank. D. the International Monetary Fund.
Efficient financial institutions foster the flow of:
A. Saving and investment B. Spending and income C. Resources and products D. Inventions and ideas